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5 Things to Know Today About Your Money — May 12, 2026

  A lot is happening in the Canadian money world right now. From a new sovereign wealth fund you can actually invest in, to lower payroll costs coming your way, here are the five things every Canadian should know about their money today. 1. The Bank of Canada Is Holding Rates — For Now On April 29, 2026 , the Bank of Canada held its overnight rate at 2.25% (Bank Rate: 2.50%, deposit rate: 2.20%). Governor Tiff Macklem has flagged that the economy is growing at a moderate pace as it adjusts to U.S. tariffs, but inflation — now around 2.4% — is edging up due to higher oil prices tied to the ongoing Middle East conflict. The Bank projects 1.2% economic growth for 2026, picking up to 1.6% in 2027. What it means for you: Variable-rate mortgage and line-of-credit holders get a brief reprieve — but watch oil prices. If inflation keeps rising, a rate hike could follow. 2. Your CPP Contributions Are Getting a Cut in 2027 The 2026 Spring Economic Update proposes to reduce the base CPP con...
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What You Need to Know for Your 2023 Tax Return

 

Tax season is upon us once again, and it’s time to get organized for filing your 2023 tax return. Whether you’re a seasoned pro or a first-time filer, here’s a checklist to help you navigate the process with confidence:

Gather Your Personal Information

Before diving into the paperwork, make sure you have the following details handy:

  1. Social Insurance Numbers (SIN): Collect SINs for yourself, your spouse, and any dependents.
  2. Dates of Birth: Note down the birthdates of family members.
  3. Net Income Amounts: Gather net income figures for your spouse and dependents, especially if you’re claiming credits like the Canada Caregiver Amount.
  4. Installment Payments: Keep track of any payments made to the Canada Revenue Agency (CRA) throughout the year.
  5. Notice of Assessments: Retrieve last year’s assessments from the CRA.
  6. NETFILE Access Code: If you’re e-filing, you’ll need this code.

Income Slips

Depending on your sources of income, you’ll need to complete the relevant forms:

  • Employment Income (T4): If you’re employed, gather your T4 statement.
  • Self-Employment Income (T2125): For freelancers and business owners, complete the T2125 form.
  • Investment Income (T5 and T3): Collect statements related to investments.
  • Retirement Income (T4A, T4A (P), T4A (OAS), T4RSP, T4RIF): If you’re retired, these forms are essential.
  • Social Benefits (T4E, T5007): Don’t forget benefits received during the year.

CRA My Account

If you haven’t already, sign up for CRA My Account. It streamlines the process and ensures accuracy.

Remember, the deadline for most Canadians to file their 2023 tax return is April 30, 2023. If you’re mailing your return, make sure it’s postmarked on or before May 1, 2023.


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